DUBAI: The cabinet of the United Arab Emirates (UAE) has approved the regulatory framework for the issuance of long-term residence permits to investors, entrepreneurs and innovators.The UAE Vice President and Prime Minister and Ruler of Dubai Sheikh Mohammed Bin Rashid Al Maktoum announced that the UAE will begin receiving applications for five and 10 year visas to stay in the UAE as a resident. The new system will apply to investors, entrepreneurs, innovators and specialists in the fields of science and knowledge. Those seeking a ten-year visa will also be able to include their spouse and any children.In a Tweet, Sheikh Mohammed Bin Rashid Al Maktoum said that the new visa system will ensure that the UAE remains “global incubator for talents and a permanent destination for pioneers”.The system will grant investors and talents up to 10-year residency visas for specialists in medical, scientific, research and technical fields, as well as for all scientists and innovators, as well as five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students. According to new visa framework, entrepreneurs who have a prior project worth a minimum of AED500,000 (around Rs19 million) , or those who have the approval of an accredited business incubator in the country will be granted a five-year visa with the possibility of upgrading to an investor’s visa. While, investors and doctors, as well as specialists and researchers in medicine, science and creative culture and art, will have the opportunity to apply for a 10-year visa.On the other hand, those purchasing property worth AED5 million or more will be granted residency for five years. And, those involved in public investments through a deposit, an established company, a business partnership of AED10 million or more, or a total investment of at least AED10 million will be granted a renewable residence visa every 10 years.
03-14-2019, 04:11 AM
UAE offers long-term visa framework
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